Consolidated Edison hit with $18 mln penalty for 2006 blackout: New York Times

NEW YORK (MarketWatch) -- New York State utilities regulators hit Consolidated Edison Inc.
ED, +0.24%
with an $18 million penalty Wednesday for its service disruptions last year, which included a nine-day blackout in western Queens and other power failures in Westchester County, The New York Times reported in its Thursday editions.

The penalty will be deducted from Con Ed's next rate increase, the paper reported.

The Public Service Commission said the money was a "revenue adjustment" for the company's failure to meet goals for systemwide reliability last year. The blackout that left about 174,000 people in Queens without power for as long as nine days in July, 2006, was the biggest breakdown.

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